Hind Copper board to consider fund raising via QIP

State-owned Hindustan Copper Monday said its board on April 25 will consider a proposal to raise funds through an issue of equity shares to qualified institutional investors.

"In the ensuing board meeting of Hindustan Copper Ltd scheduled on April 25, 2019 a proposal to consider and recommend seeking members approval for raising funds through issue of equity shares through Qualified Institutional Placement (QIP) method in supersession of earlier resolution, will be taken up for consideration of the board," the company said in a filing to BSE.

The Cabinet last year had approved a fresh equity issue of 15 per cent by Hindustan Copper to help it raise over Rs 900 crore.

Hindustan Copper had earlier said that it would spend Rs 5,500 crore over six years to expand its production capacity by six times to up to 20 million tonnes per annum (MTPA).

Shares of the company closed lower by 1.43 per cent at Rs 48.15 on BSE Monday.